Australia’s Future Fund grew 1.1 percent to A$163 billion ($115 billion) in the third quarter of the year, according to a portfolio update released Oct. 21.
As of Sept. 30, the portfolio was down 1.8 percent year-over-year as the impact of the COVID-19 pandemic from the first quarter continues to reverberate throughout global markets. The 10-year return of 8.9 percent surpassed the benchmark target of 6.2 percent.
“In an exceptionally challenging environment brought on by the COVID pandemic, the Future Fund has performed strongly,” said Hon Peter Costello AC, chair of the Future Fund board of guardians. “In the March quarter, global stock markets fell dramatically, and the Australian equities index dropped over one-third. There has been recovery since then, but the local market still remains significantly below the levels of 12 months ago.”
He added: “The global economy has begun to rebound and is showing signs of consolidating. Markets in some devel
